ajs@hpfcla.UUCP (01/17/86)
Followup: dropping mortgage insurance on FHA loans I wrote my mortgage company (Bankers Life) with two questions: > Are you insured by FDIC, FSLIC, or neither? Their indirect answer: We are not a bank, and we're changing our name because people keep getting confused. (I wasn't, but didn't know if FDIC or FSLIC might still cover them, which might give me leverage to get the payments dropped.) > Who do you pay my 1/2% mortgage insurance payments (MIP) to? Their answer: Directly to the FHA. (I was led to believe that they are normally paid to a third party. I guess not.) And they repeated: "It is Bankers Life's standard policy to continue this insurance until your loan is paid in full." So, despite earlier advice gleaned from this newsgroup and received by mail, it looks like I'm up the proverbial creek. Any other suggestions how one might get them to drop the insurance? (Yes, I could prove by appraisal that the house is worth more than 25% of the remaining loan principle.) Thanks, Alan Silverstein, Hewlett-Packard Fort Collins Systems Division, Colorado {ihnp4 | hplabs}!hpfcla!ajs, 303-226-3800 x3053, N 40 31'31" W 105 00'43"